AUD/USD weakens amid coronavirus fears after Aussie data, RBA’s Lowe


  • AUD/USD snaps the three-day winning streak.
  • Risk-takers catch a breath amid mixed headlines concerning coronavirus impact and the latest sharp rise in cases from Hubei.
  • US inflation data, coronavirus news will be in focus for now.

AUD/USD declines to 0.6720 after updates from Australia/China made the Asian session entertaining on early Thursday. While downbeat Aussie Inflation Expectations and renewed fears of coronavirus earlier dragged the quote to an intra-day low of 0.6706, traders seem to pay less attention to the RBA Governor Philip Lowe’s upbeat remarks.

Australia’s February month Consumer Inflation Expectations lagged behind 4.3% forecast and 4.47% prior to 4.0%.

After that, RBA’s Lowe’s comments from the Economic Leadership Forum crossed wires. The RBA Chief said that the coronavirus is having an uncertain impact, but absent the virus makes the Australian economic outlook improving.

Read: RBA and BoC governors speaking: Mixed outlooks on economy and coronavirus

China’s Hubei reported 14,840 new coronavirus cases with the death toll rising by 242 to 1,310 at the end of February 12, 2020, as per the official figures. The surge in numbers could be attributed to the revised diagnostic standard.

Following the news, the market’s risk-tone nosedived with S&P 50 Futures taking their first downtick, followed by US 10-year treasury yields. Traders were earlier cheering the receding cases of coronavirus from China, not to mention expectations of early recovery.

Technical Analysis

A pullback from the six-week-old resistance-line, now at 0.6745, drags AUD/USD prices towards 0.6700 mark ahead of highlighting the monthly low near 0.6680.

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Additional important levels

Overview
Today last price 0.6724
Today Daily Change -13 pips
Today Daily Change % -0.19%
Today daily open 0.6737
 
Trends
Daily SMA20 0.677
Daily SMA50 0.6851
Daily SMA100 0.683
Daily SMA200 0.6859
 
Levels
Previous Daily High 0.6751
Previous Daily Low 0.6711
Previous Weekly High 0.6775
Previous Weekly Low 0.6662
Previous Monthly High 0.704
Previous Monthly Low 0.6682
Daily Fibonacci 38.2% 0.6736
Daily Fibonacci 61.8% 0.6726
Daily Pivot Point S1 0.6715
Daily Pivot Point S2 0.6693
Daily Pivot Point S3 0.6675
Daily Pivot Point R1 0.6755
Daily Pivot Point R2 0.6773
Daily Pivot Point R3 0.6795

 

 

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